Jubilee Metals Group PLC Update on Kabwe project (2247E)
February 07 2018 - 9:20AM
UK Regulatory
TIDMJLP
RNS Number : 2247E
Jubilee Metals Group PLC
07 February 2018
Jubilee Metals Group PLC
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or "the Company")
Update on Kabwe project
Jubilee Metals Group PLC notes the announcement made today by
BMR Group PLC ("BMR") reporting that BMR received, yesterday, a
letter from the Mining Cadastre Department of Zambia dated 19
December 2017 terminating, with immediate effect, the
aforementioned mining right in respect of BMR's Kabwe
operation.
BMR also states that the letter dated 19 December 2017, and
received yesterday, indicates that BMR has 30 days to exercise its
right of appeal. BMR intends to exercise this right as soon as
practicable.
Leon, Chief Executive Officer, says: "This announcement was
totally unexpected and Jubilee was not made aware of any potential
challenge to the mining right.
We are doing all things necessary to assist BMR to resolve this
matter timeously and favourably. In this regard we have made
contact with the mining ministry of Zambia to arrange an urgent
discussion to clarify the reasons for such a notification and its
impact on the Kabwe project.
Jubilee will also use this opportunity to provide the Zambian
Mining Cadastre Department with confirmation of Jubilee's
commitment to BMR, for the immediate execution of the Kabwe
project.
Jubilee will provide further clarity on the Kabwe project and
the expected execution program following this discussion."
In the meantime, trading in BMR's shares have been suspended at
BMR's request.
Alex Borrelli, Chairman of BMR, stated: "We had understood that
all mining companies in Zambia had received the default notice and
we had responded accordingly. We will now pursue all avenues to
rectify this situation as soon as possible and will issue a further
announcement when we have further news."
Jubilee has invested in a joint venture with BMR for the
development of the Kabwe project and has a 29.01% interest in the
issued share capital of BMR.
Further updates will be provided as appropriate.
United Kingdom
7 February 2018
Contacts
Jubilee Metals Group PLC
Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913
Andrew Sarosi
Tel +44 (0) 1752 221937
Nominated Adviser
SPARK Advisory Partners Limited
Mark Brady/Andrew Emmott
Tel: +44 (0) 203 368 3555
Broker
Beaufort Securities Limited
Jon Belliss
Tel: +44 (0) 20 7382 8300
JSE Sponsor
Sasfin Capital, (a member of the Sasfin group)
Sharon Owens
Tel +27 (0) 11 809 7500
This information is provided by RNS
The company news service from the London Stock Exchange
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